Greek Worries Eased

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Action Insight Weekly Report Markets Snapshot

EUR/USD Held 1.4 as Greek Worries Eased

As the Greek drama developed, EUR/USD managed to hold on to 1.4 psychological level and staged an impressive rebound towards the end of the week. Fundamentally, there seems to finally reachable resolutions in the immediate and longer term Greece debt problems. European Union Economics Commissioner Olli Rehn pledged that Greece would receive the next tranche of payment from the EUR 110b EU/IMF bailout fund in early July to rollover maturing debts through September. . IMF has also agreed to release the payment should Greece pass the new austerity measures. Greek Prime Minister George Papandreou announced a reshuffled cabinet on Friday with political heavyweight Evangelos Venizelos replacing George Papaconstantinou as Finance minister. The reshuffling should help Papandreou secure party backing for approving the austerity measures. So the near term problem should be eased for the moment.

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EUR/USD Weekly Outlook

EUR/USD dropped to as low as 1.4073 last week but rebounded strongly from there. The break of 1.4320 resistance argues that fall from 1.4695 has finished already. The development also suggest that price actions from 1.4939 could indeed be consolidation only, in form of triangle. Initial bias is mildly on the upside this week for upper trend line resistance (now at 1.4612) first. Further break of 1.4695 resistance will be the first signal of up trend resumption for another high above 1.4939. On the downside, though, below 1.4073 will flip bias back to the downside for 1.3969 and below instead.

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